In real estate, brokerage is the business of negotiating contracts for the purchase, sale, or lease of real property or property rights as an agent on behalf of a principal.
In addition to the bundle of rights that are traditionally thought of in real estate transactions, property rights can also include mineral rights below the surface or air rights above.
Brokerages Are Licensed By State
In the U.S., brokerage is conducted or overseen by a licensed broker. Brokers are licensed by state as each state has a different set of laws and approach to business practices.
Brokerage In Mortgages And Lending
Licensed real estate brokers may also be qualified to source mortgages as an intermediary to finance a real estate purchase.
Brokerage In The Sale Of Businesses
As a licensed intermediary, licensed real estate brokers may also have the capacity to act as an intermediary in the sale of a business.